Foley Hoag advises the investment fund AfricInvest in the context of its acquisition of a stake in Groupe Piriou

January 28, 2020

The Piriou group - the French leader in the construction and maintenance of civil and military ships - finalized a fundraiser, during which the management team became the majority shareholder. This funding was carried out with the support of Arkéa Capital, Idia Capital Investissement, Bpifrance as well as AfricInvest which also enters the capital of the group.

The senior debt financing the operation is contributed by CIC Ouest (coordinator and agent), Arkéa Banque Entreprises et Institutionnels as well as Crédit Agricole du Finistère (co-arrangers).

With this change of governance, the group which in 2013 has diversified its activity to military sector, thanks to a joint venture with Naval Group, will be able to accelerate its international deployment.

To AfricInvest Group, its entry to the stock of Groupe Piriou shows once again the investment funds ‘strategy to come along with companies in their development in Africa, through its unique networking on this continent.

For this operation, Foley Hoag Paris’ Partner Frédéric Cohen and Alexandre Plas, associate, advise the Investment Fund AfricInvest.

Frédéric Cohen is a partner in Foley Hoag’s Business Department, based in the Paris office. Frédéric represents French and foreign clients on private M&A transactions, restructuring (including distressed M&A and pre- or post-insolvency transactions) and general corporate matters. His private equity work consists of leveraged buyouts and capital development transactions.